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The Solana Ecosystem Is Exploding

March 17, 2024
x min read

Solana is on a roll. And their growth is starting to break records.

What’s happening:

  • Layer 1 blockchain Solana is seeing an exponential amount of recent growth, both in new wallet address being created and in total on-chain transaction volumes

By the numbers:

  • Solana recently surpassed its all time high in total daily trading volume, with over $3.79B USD in transactions on their blockchain in a single day
  • Over the past week there were approximately 1.2M active addresses on the Solana blockchain, which is nearing all time highs
  • More than 870,000 new wallet address have recently been created on Solana

Going deeper:

  • Solana has been a benefactor of a recent frenzy of new token launches happening on their blockchain, in large part due to the low transaction fees of trading on Solana
  • Crypto exchange Binance also recently integrated Solana into their popular digital asset wallet know as the Web3 Wallet, which now allows users to manage tokens in the Solana ecosystem directly as well as interact with decentralized applications built on Solana

Market reaction:

  • Solana is up more than +45% in the past week

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